How long is it taking for Ocwen to make a decision?

Hi everyone .... I have been working on a short sale with Ocwen since December when I submitted a complete short sale package. Since that time I have repeatedly been told that a decision is "days" away, etc ..... fortunately, the buyers have been very patient however the homeowner/borrower has been a challenge due to the numerous requests from Ocwen for additional documentation, profit & loss statement, updated financials etc. (it all takes time to collect). We have made every effort to comply in full with all the requests made by Ocwen ... at present my file has been "under review" (has been since January) but maybe not since it was "assigned" in April. I was told on 4/14 to expect an email within 24-48 hrs .... nothing. Now the property is nearing a foreclosure trustee sale date. This whole experience is testing my self restraint when dealing w/ anyone there on the phone - the call center in India or leaving messages for the "negotiator" person. I'm one of the nice guys ... but, I hate being lied to all the time and inadvertently misleading the homeowner and the buyer. Has anyone else had the same experience? What should I do? Continue waiting? Should I start contacted everyone at Ocwen that I can Google? What kind of timeframes have been typical for receiving approvals from them? Is this servicer (and others like it) intentionally stalling the review/approval process in order to collect service fees from Investors? It sure seems like this is happening among a lot of servicers. Any help with escalating this or advice on how to proceed would be appreciate!

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Sooo .. gonna respond to my own thread since I suppose nobody else has any experience with this or cares. FYI ... it appears that servicers such as Ocwen are dragging out the review/approval process to collect fees. Does this seem the case to anyone else? The following is a brief history of my contact with Ocwen ... is anyone else having this frustration? Also, does anyone have a good number for a U.S. division? I have contacted everyone listed on this site ... and I'm not holding my breath. Foreclosure June 25th, so guess I'll go to the auction. Any advice would be appreciated.

12/15/2009 – submitted complete Short Sale Package
12/21/2009 – Revised Estimated HUD-1 and re-submitted offer
1/5/2010 – Confirmed Offer assigned and “under review” and decision would be made in 5 days
1/12/2010 – Faxed Letter from S. Bosch requesting withdrawal from the Loan Mod Program
1/14/2010 – File “Under Review”, told to expect a decision within 5 days
1/22/2010 – Re-submitted Estimated HUD-1
2/3/2010 – Informed that the review process was “On Track”
2/9/2010 – Was told to expect a decision within 5 days
2/15/2010 – Asked to submit a Profit & Loss Statement
3/8/2010 - Submitted requested Profit & Loss Statement
4/6/2010 – Resubmitted complete short sale package
4/12/2010 – Resubmitted short sale package
4/14/2010 – Given “verbal” approval and told to expect a final approval decision w/in 7-10 days
4/23/2010 – Was given another verbal approval/confirmation
4/30/2010 – Told S. Bosch must apply for a Loan Modification (NOTE: Property is vacant, borrower is broke and will be pursuing a bankruptcy)
4/30/2010 – Resubmitted Offer for Short Sale
5/4/2010 – Confirmed receipt of the offer package and was asked to re-submit the Estimated HUD, this has been done.

I recently was approved for a short sale by OCWEN (2nd Lender). The experience was not ideal, but the end result was.

March 1 - Submitted complete short sale package to 1st Lender and Ocwen (2nd Lender).
March 15 - Received letter in mail from OCWEN stating they received our package and that a determination would be made within 20-30 days.
March 30 - 1st Lender Approved Short Sale, Specified April 30 closing date.
1st Week of April - OCWEN representative quoted as saying "days away from official approval."
1st Week of April - OCWEN requests realtor submit a CMA. Submitted the next day.
2nd Week of April - OCWEN reviewing CMA, elevated to short sale negotatior.
2nd Week of April - OCWEN representative stated "elevated to supervisor for approval."
April 22 - Sent an e-mail to the OCWEN Senior VP and VP/CFO requesting assistance. Nothing heard.
April 30th closing date past.
First Week of May - Continuously being told "days away from approval."
May 6 - Called OCWEN, was told short sale package was still being review.
May 6 - Forwarded my initial e-mail from April 22 to the OCWEN President, Senior Manager and an Executive Assistant. Received a phone call an hour later stating the package has been escalated for resolution. Received e-mail from OCWEN OMBUDSMAN as well. Was also told by home retention specialist that he would be sending it up for approval.
May 7 - Called OCWEN - automated recording stated short sale offer has been denied. Telephone agent stated the same.
May 7 - Sent a new e-mail to OCWEN executives stating my case, which was focused on my hardship and the VERY off-base reason for denial. After 60+ days of review, CMA order, being told multiple times that OCWEN was "days away from approval", then being told it was denied because I "didn't meet the specified guidelines" was absolutely inaccurate and off-base.
May 7 (evening) - received a call from Valarie Flees from OCWEN (Corporate HQ) stating they would be re-reviewing my case and to expect an answer on Tuesday or Wednesday (May 11/12).
May 12 - Received call from Valarie Flees stating my short sale offer has been approved!

I am a seller who had been suffering with the short sale process with Ocwen. It's a very long story, but I was absolutely desperate. I searched the internet and found his website about how to make alternative contact with Ocwen's Executive offices. I had gotten no where with the general short sale department that was full of foreignors I could never understand. I took the advice of this entry and called every one of these numbers until I found someone to talk to. I finally got an answer from Scott Anderson's office. The secretary put me with another person who finally got my short sale approval! Jesna said it would be 24 hours, which I thought had to be 24 business hours. NO, she was exactly correct. I called on a Thursday afternoon and she had approval on Friday afternoon! I'm sure it helped with my hugh folder and the ridiculous amount of times I called. My sale is complete after 6 months of tedious work! It wouldn't have been possible if I hadn't found this entry! Thanks and God Bless!

Thanks for the info and encouragement John. I am going to keep pressing this one ... you're experience closely mirrors mine right now! Folks over there have told me the BPO (my Buyer's offer is $5k over it) and yet .... the new objection is that they are requiring a larger NET? Not that big a deal per se ... I always thought that the offer we sent up was on the low side but ... two different people confirmed the BPO (house is basically trashed ... you know how these homes get sometimes) but they have had the SAME EXACT OFFER since December! Could have said something about that anytime!! Anyway, auction is Late June but, I think we can get it done .... I believe that Ocwen stalls in order to continue collecting Service Fees for as long as possible! Thanks Again .. I'll post either the resolution or what happens at the auction ;)

Letting it go to auction ... they are demanding that borrower complete Loan Mod request .... something about the "Obama Plan" ha, ha, ha, ha, ha, ha ...... anyway .. client declared bankruptcy. The auction should be interesting if only for anecdotal info (I'm gonna take a couple interested people and stand around and watch)

Hi Joshua - I very recently went through the same with Ocwen. There seems to be no point in trying to contact others at Ocwen. My escrow officer was in the same situation with another transaction as well. So, finally, I called an attorney I had heard about who is with the Department of Justice. He has a particular interest with the housing crisis. He actually answered my call and told me how to file a formal complaint which I did. (They told me more people should as it would help the bigger picture.) ...The DOJ followed through by contacting Ocwen. It was amazing as soon after, we were able to close. And, my escrow officer was able to get the other one on her desk closed as well. The DOJ even followed up with me via letter, email and a couple of phone calls. The latest call from the DOJ told me about a reponse they had from Ocwen and asked me if what Ocwen said to them was true. I told them it wasn't and that was why I had filed the complaint. The attorney said, 'Are you telling me they lied to me?" ... Yes, they did and I told them I would be happy to meet with anyone to show them my files, notes, etc. Quite an experience. Let me know what you do.

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